China's Q1 economic data

BY  | FROM 中国日报 | 2017-11-08 11:14

  The first quarter data point to "resilient growth momentum", said Nomura Securities in a research note.

  The data herald strong beginning of the year for China, but also a positive contribution to regional growth and, due to the mainland's role as the second-largest economy in the world, to global growth prospects, according to Dan Steinbock, the founder of Difference Group and research director at the India, China and America Institute (USA).

  Based on the forecast-beating data, the International Monetary Fund (IMF) upgraded its forecast for China's economic growth in 2017 and 2018 to 6.6 and 6.2 percent, respectively, 0.1 and 0.2 percentage points higher than its forecast in January.

  The global growth forecast for 2017 was also raised by the IMF to 3.5 percent, up 0.1 percentage points from its January projection.

  "Given the stable growth, China can put greater emphasis on supply-side structural reform and prevention of financial risks," said Xu Hongcai, an economist at the China Center for International Economic Exchanges.

  "What the strong first quarter performance does make possible is a more decisive shift to fiscal and monetary tightening in the second half of the year, while keeping the current growth target intact. That's the real achievement of the Chinese economy in the first quarter," Steinbock wrote in a column on China Daily.

GDP hits 6.9%, best in over a year

  China's GDP expanded at 6.9 percent year-on-year in the first quarter.

  The growth, marking the quickest pace since the last quarter of 2015, was 0.1 percentage point higher than the 6.8 percent in the fourth quarter of last year.

  A total of 77.2 percent of the first-quarter GDP was driven by consumption, 12.6 percentage points higher than the 2016 level.

  The service sector accounted for 56.5 percent of the overall economy, 17.8 percentage points higher than that of the secondary industry.

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